How a top five U.S. bank identified risk associated with synthetics and potential mules in its customer accounts
Discover how a bank gained crucial insights into its portfolio of customer accounts to avoid severe financial and compliance penalties.
~2M
Bank records tested
~2%
Records with high KYC or identity fraud risk
30K
Records created with manipulated or fabricated identities
Challenges
- Economic and regulatory pressure
- Lack of insight into current risk within existing customer base
Solutions
- Through a Portfolio Scrub, Socure identified risk attributes to support periodic or perpetual Know Your Customer (KYC) or Customer Risk Rating (CRR) data points
- Performed data quality reviews to support deceased, contact, and new move updates that can impact current accounts
- Pinpointed risky identities hiding within a portfolio, including synthetic identities and third party fraud that may have slipped through account onboarding defenses
Key Results
- Out of ~2 million records, Socure found that ~2% of the bank’s open accounts were high risk for KYC compliance or identity fraud
- 30,000 of the reviewed accounts were opened by manipulated or fabricated synthetic identities
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